How are Collectibles Valued and Divided in an Illinois Divorce? 

 Posted on August 24, 2021 in Divorce

Most couples getting divorced in Illinois will divide the value of common assets, like the marital home, retirement accounts, and vehicles. However, some couples must also divide fairly unique assets, such as collectibles and antiques. The value of collectibles can be difficult to ascertain and division is complicated by the fact that there is no way to literally “divide” a baseball card or valuable piece of furniture. 

These items are commonly at issue in a high net worth divorce, but any divorce may have cherished items that have been passed down through generations. Spouses often feel sentimentally attached to such items, making it even more difficult to determine the true value. 

How are Collectibles Valued in an Illinois divorce? 

Because collectibles can substantially increase in value since their purchase, a valuation expert is often a useful resource for determining the current value of an item. Valuation experts often specialize in dealing with certain items, such as coins, baseball cards, jewelry, or vehicles. An expert will try to determine the fair market value of an item - in other words, what the item could be sold for right now. 

It is important to note that gifts given from one spouse to another are not considered marital property and are not subject to division. For example, if a wife regularly buys and collects certain types of antique jewelry, the items she purchased during the marriage will be considered marital property. However, if her husband gave her a piece of the same type of jewelry for her birthday, that is her personal property and will not need to be valued and divided. Gifts given to both spouses are considered marital property.

How are Collectibles Divided in an Illinois Divorce? 

Because one cannot take a stamp or wine bottle and split it in half, one way to divide these assets is to sell them and divide the revenue. But if a spouse has a sentimental attachment to an item, selling it may be out of the question. In this case, a valuation expert can determine the value of the item, and the spouse who keeps the item will give up something else of equitable value. Spouses who work together in a divorce can often find a mutually acceptable way of dividing sentimental items. 

Work with a Wheaton, IL Asset Division Attorney

Valuing and dividing collectibles in a divorce is complicated, but the help of a DuPage County divorce attorney may make the process much easier. The attorneys at The Stogsdill Law Firm, P.C. have experience handling complex asset division cases and will work hard to ensure you receive an equitable share of any property to which you are entitled. To see how we may be able to help you, call our office today at 630-462-9500 and schedule an initial consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000